PEXA Group (ASX:PXA) saw its shares drop by 1.5% to A$10.93, reaching a record low not seen since June last year.

The Australian digital real estate settlement services company announced plans to acquire Smoove, a UK-based company, for a sum of 31 million pounds ($37.63 million).

This offer equates to a 54 pence per share cash payout for Smoove shareholders.

Smoove’s board unanimously supports the potentially impending deal, set to be financed by PEXA through cash and debt.

The company’s stock has shown a downward trajectory over the recent period, falling by 7.1% this year up until the latest close.

PEXA Group is an Australian-based digital real estate settlement services company.